Liberty Utilities’ three-year rate hike approved by the state last year could have been even higher for most Nassau customers if the company had received approval for an additional surcharge it sought to fund a nearly $4 million incentive compensation plan, according to regulatory filings.

The state Public Service Commission, which approved the larger hike that will result in cumulative bill increases for Liberty’s westernmost residential customers of nearly 60% over three years, ultimately rejected the bonus plan. Liberty on Wednesday said it won’t pursue it.

As part of the overall rate hike approved by the PSC last September, Liberty had sought to recover a total of $3.88 million over two years starting this spring to cover the costs of the incentive compensation plan for nonunion empl

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